Many U.S.-based crypto mining stocks are reflecting Bitcoin’s weakness, trading down close to 10% in premarket trading.

Marathon Digital Holdings (MARA) is down 6.5%, while Hut 8 (HUT) is down 8.1%. Michael Saylor’s software company MicroStrategy (MSTR), which holds over 210,000 BTC, is down 6.4%.

The recent drop in stock prices occurred after Mt. Gox transferred $2.6 billion worth of Bitcoin (BTC) to a new wallet in preparation for repaying creditors. This drop follows a 10% decrease in Bitcoin’s value over the past week and also follows the German government’s decision to sell some of the BTC it had seized.

Other crypto stocks like Coinbase (COIN), CleanSpark (CLSK), and Riot Platforms (RIOT) all fell between 6% and 8% in premarket trading.

Bitcoin Slumping

Bitcoin was hovering around $55,400 at the start of the day Friday, a fall of over 10% in five days. On Thursday, the value of Bitcoin dropped below the $55,000 mark, reaching levels not seen since February.

There is evident mass selling pressure as some Bitcoin traders are on edge because of large holders, like Mt. Gox, selling their BTC.

For more insights and the latest updates on cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

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